New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-01
TIE SUSPENDED coal FIRM
A GOOD SHOWING FOR THE CREDITORS OF ROBERT
HARE Powell & co.

HARE powell & co.
PHILADELPHIA Aug. 81. (SpeciaD.-John c. Bradley OF
the suspended firm of Robert Hare Powell & Co.. said
this morning thai, will take fifteen twenty days to
prepare "a statement OF the firms standing. The
hrm" he said will be able TO pay dollar dollar. It
IL operating It's works night along and making money
with them. The Pcnuock.. OF CoatesvIlc. owed us
100000 aad just got tired carrying their paper
and Ina ade tho assignment"
President Cochran OF the Guarantee Trust and safe
Deposit Company 70 whom the assignment made
said that account OF the extent OF the companys
property II would be time before its valuation
could had What effect the failure will have he could
not foreiel there might he other failures aud there
might not A number OF country banks held the COM
pany's paper. The Guarantee and Safe Deposit
Company was trustee OF "A mortgage OF $3.50 oo0 which
was the first mortgage bonds
A subsequent mortgage Of S7J0,UO0 was made
TO the Union Trust 10 take up the s350O0O
mortgage and for additional ndcb'e ines,. These bonds
distributed throughout the country collateral
Guilty TO different banks and bankers for Indebtedness
amounting In tho total TO s4G30oo Mr. Cochran further
THE Guarantee rrust Is not owner OF anyot the
S"sIy bank. in sHis city and thrpSshoa the slate
Those outside Of the city Bellefonte Harrisburg.
Phillip-bnrg aud Huntingdon The rest are IN fha'
delpna. Camden and New. York In Philadelphia the
banks holding he rns personal and lndorsed psperae
the entra Fourth Street National Corn Exchange aud
National state Bank OF Camden
This evening Mr. Bradley ssd a. There was mort
gage S7JOOOO the property at seKon Before Mr..
Powes deal the property mort gagged to the extent
OF $3.50 600 or this amount $4,000 cancelled,
leaving $3l 1900 yet to be paid. Bonds were issued
secured by this mortgage In 1856 Another mortgage
for S75OODO was made but $4,000 OF the bonds
were retained 10 retire the balance OF the nrst
series OF bonds and 900 put out OF this last
amount $4,000 has been cancelled leaving S3yoooo
Ibis makes total indebt tedness OF S7JUOOO. Under tho
terms o. the mortgages not than s1OO,OOO OF tho
bonds could be outstanding at ono Tine Our plan was
TO cancel 0000 of the first series and $4,000 Of tue
srcod each year aud also TO rcs $4,000 OF the
ond series that for every SlJ0O0 OF the first series
which nceled issued $4,000 OF the second
res The 100000 OF bonis have been pledged a. col
lateral with various banks and individually Tor s4OooOO
which We borrowed"
o. A. CAMPBELL CO. FAIL FOR S350.000
Boston. Aug 81 (-pecidt.rhe failure OF C. A. Camp
bell Co.. coal dealers with Office No 75 stae-st, Is
announced, with liabilities amounting to S350.000.
u. Russell has been appointed assignee ana exam
ination OF the books is In progress Mr. Campbell says
that the suspension adc account OF the Phia-
delphia failure yesterday The direct liabilities amount
$3.50 900 and indirect about 90 000 total OF
$3.50 900: aud II is said that while 1; cannot 70
curatey stated what tho will actually amount to
1t 10 expected that II the business be continued. and
the estate be thrown into insolvency there will be
doubt the or the direct liabilities la full.
The the indirect liabilities Is dcpen lent
the settlement that be made n Philadcphi In ad
far his present kno wcdge OF affairs
Mr. Campbell that the step was takonas pro-
lection his direct creditors To have weakened the rn
by paying the obgati. thrust upon by the Phadel
pha failure would have been injustice to the direct
creditors.